Bitcoin Rising Wedge Breakdown – Is a Deeper Correction Coming?

Bitcoin Rising Wedge Pattern – Daily Chart Analysis

🔹Bitcoin (BTC/USD) forming a Rising Wedge pattern, which is typically considered a bearish reversal pattern

Pattern Formation

Price has been making higher highs and higher lows, but the slope of the highs is flattening compared to the slope of the lows.

This indicates weakening bullish momentum.

Breakdown Signs

BTC broke below the lower wedge support, confirming a bearish breakdown.

Current price action is retesting around $114,000 – $116,000, acting as a possible resistance zone.

Notice the declining volume during the wedge formation, which strengthens the validity of the pattern.

A spike in volume during the breakdown adds further confirmation.

Target Levels

If the breakdown sustains, potential bearish targets could be around:

$108,000 (immediate support)

$100,000 (psychological level & major support)

On the upside, if BTC reclaims $120,000, the bearish outlook weakens.